The Second Battle of Bushwick [New York]

The Second Battle of Bushwick [New York]

From the top of the spanking new steel-and-glass 14-story condo tower now open for inspection on Grove Street just off of Myrtle Avenue, you can see most of Bushwick—the landmarks of the neighborhood that was, and the one that’s fast being remade, the sites of the bad old memories, even of some of the good.

This is the Brooklyn neighborhood’s first major luxury residential construction project, but the marketers of the 59 condominium units for sale here steer clear of the name Bushwick as much as possible. Promotional materials aimed at luring hipsters with the means to buy a one-bedroom for $270,000, or a three-bedroom penthouse for $682,000 refer to “ever-expanding Williamsburg” or “East Williamsburg” as the building’s locale. This despite the fact that the tower at 358 Grove Street is in deepest Bushwick; look it up on any map.

“This is the continuation of Williamsburg,” insists the condo’s frantic real estate agent, dashing about the sixth-floor sales office. “Look,” he says, burbling the happy nonsense of a salesman, “people in the neighborhood are ready to take their lives to the next level.”

What’s at work here is straight out of the brokers’ handbook: Link the property in buyers’ minds to the worldwide cachet of that now-prosperous and booming neighborhood a couple miles west of here. “The Peter Luger Steakhouse is just a couple of blocks away,” the agent says, leaning over an unfinished rooftop cabana. Actually, Peter Luger’s is a solid eight subway stops away from here on the M train that rumbles along Myrtle Avenue. But no matter. There are some very solid marketing rationales for this approach.

Judge flags preacher’s use of donations

Judge flags preacher’s use of donations

Testimony in divorce court about the tangled finances of controversial preacher Jose Luis De Jesus Miranda has prompted a judge to alert the feds about his ministry’s operations.

The Miami-based preacher who has basked in international attention since declaring himself the second coming of Jesus Christ has used charitable donations to his ministry for personal expenses — paying $144,000 a year in alimony to his first wife and buying property in his and his relatives’ names.

Jose Luis De Jesus Miranda disclosed details of the previously secret financial workings of his church through sworn testimony last month in an increasingly nasty divorce from his second wife.

Owners don’t see paying taxes as a priority

Owners don’t see paying taxes as a priority

Charlotte, Manatee and Sarasota counties saw a sharp spike in the number of landowners failing to pay their property taxes this year, another sign of a sagging real estate market and struggling economy.

The number of parcels with delinquent taxes soared more than 70 percent in Sarasota County, while Charlotte County saw a 50 percent increase and Manatee County nearly 45 percent.

Combined, the three counties had more than $55 million worth of unpaid taxes this year, a record total.

Statewide figures are not yet available, but the results are expected to be similar elsewhere. Local officials and economic analysts said the increase in delinquent taxes is not surprising given the combination of declining property values in a depressed real estate market, soaring taxes and insurance rates, and higher costs for gas, electricity and other expenses.

Developer’s record marred by missteps [South Florida]

Developer’s record marred by missteps [South Florida]

The developer who promised a biotech park in Liberty City has a record of foreclosures, defaulted loans and a bankruptcy.

Dennis Stackhouse stood before the Miami-Dade County Commission, hoisting a map of Kendall Square, the Cambridge, Mass., neighborhood that is widely considered a Silicon Valley of the biotech industry.

”Kendall Square, not that many years ago, resembled Liberty City,” Stackhouse told commissioners during the January meeting.

The 64-year-old developer was in his element — pitching big ideas to powerful people.

Spouse has questions about living trust

Spouse has questions about living trust

DEAR BOB: Our house is owned under my living-trust name. If I survive my husband, will the basis for the house be stepped up to market value as of the date of his death? Should I add my husband’s living trust to the deed? –Eliza W.

DEAR ELIZA: If the title to your house is in the name of your living trust and it is not a joint living trust with your husband, if he dies before you do, there’s nothing for you to inherit. Therefore, you won’t receive any stepped-up basis to market value on the date of his death.

However, if you and your husband have a joint living trust and he dies first, in a common-law state you will receive a new stepped-up basis to market value for the 50 percent inherited from your husband. But if the residence is held in a community property state with both spouse names on the living trust, if your husband dies first then you receive a new 100 percent stepped-up basis to market value.

Young broker’s career a wild ride

Young broker’s career a wild ride

Still shy of his 30th birthday, broker Clint Conway has already gone through business undulations many don’t experience in an entire career.

But in the wake of his work last month on the $65 million sale of the Hyatt Sarasota to giant equity firm the Blackstone Group, Conway is hoping he — and his nascent real estate ambitions — are on a sustained uptick.

“It’s not the money that comes from doing big deals that motivates me,” said the 29-year-old RealtyOne Florida agent. “It’s the feeling of personal success, of persistence paying off, of the ups and downs of real estate. I feel like everything’s starting to come together.”

It was not always that way.